As businesses continue to grow, essential data also continues to be generated. This includes marketing campaign insights, sales data, customer information, website traffic and statistics, supplies and inventory levels, operational costs, and product data and descriptions, to name a few. And due to the volume of data businesses need to analyze to allow them to make well-informed decisions, the need for efficient and reliable data management solutions becomes more essential.
Fortunately, there are fundamental strategies that you can adopt in 2023 to ensure your business is well-equipped to store and process critical data. And applying such innovations and trends in data management can enable you to make business data more accessible to all authorized staff and secure it from data losses, breaches, theft, and other cybersecurity threats.
With that in mind, here are strategies you should adopt to ensure you have a successful data management solution for your business.
1.Using Artificial Intelligence For Data Collection And Management
Artificial Intelligence (AI) is the ability of a computer program or other digital device to perform tasks usually requiring human intelligence. These roles may include visual perception, speech recognition, making recommendations, and translation between languages. Beyond these capabilities, AI can also be helpful in data analytics to augment existing processes and enable more accurate insights into business performance.
Here are three ways you can leverage AI for data gathering and management:
- Ensure Data Quality
Businesses generally generate different types of data, but not all can be used to make informed business decisions. For instance, in the medical field, there are structured and unstructured data in healthcare that need to be sorted and analyzed. And with tools like AI and machine learning (ML), data quality can be assessed in terms of its relevance, timeliness, reliability, completeness, and accuracy.
Moreover, AI can also aid you in comparing and verifying data gathered or generated from various resources. AI can be trained to understand rules to determine the quality and relevance of volumes of data.
- Manage Duplicates And Data Discrepancies
Duplicates can affect the quality and accuracy of your business database. For one, there could be discrepancies in your records. AI can help reduce the occurrence of duplicates as it can track double data entries and eliminate them. Instead of having to review your company’s data manually, this process can be streamlined with the help of artificial intelligence.
Furthermore, AI can also help trace or detect anomalies in your database caused by entry errors. This can go a long way in boosting the precision of your data and the insights you can gain from them.
2.Implementing A Master Data Management
Efficient data management starts with master data. If you want to manage all your information, you must have one common source: all your data is stored in one place and updated regularly by using real-time analytics tools on top of the cloud. For example, if you have multiple systems for customer relationship management (CRM), it might be hard for employees to track different versions made by individuals in other departments.
That said, adopting master data management (MDM) can help you boost operational efficiency by minimizing the number of systems used to manage your business. Instead of dealing with errors from multiple sources of information, you can ensure that all your information comes from a single source. As a result, you enable your workers to use the most relevant data at any point in time.
3.Enabling Data Visualization Tools For Easier Data Analysis
Visualizing data is the best way to understand them easily. You’ll see trends and patterns clearly since tools can present them visually rather than just numbers. In turn, you’ll be able to showcase your data in different forms, like graphs and charts, so that it’s easy for everyone to understand and interpret the details of each project.
You can adopt data visualization to make your business more accessible during partnership proposals with prospective investors. For instance, you can use graphical representations to highlight the values of your company’s revenues over time to compare them against your startup capital. For advanced built-in features, you may use a data visualization platform that will enable you to automatically create interactive comparisons that you can share with others online.
4.Creating A Data Governance Strategy
Building a data governance strategy can help ensure the integrity of your database. Essentially, it builds the framework for how data will be stored, managed, and controlled. Your data governance strategy can also include establishing processes to ensure data quality, security, and usability.
As you develop a good strategy, you must align it with your business goals to ensure that it can help you make data-driven business decisions. After that, you must identify data quality for your organization and monitor its progress over time. Doing so enables you to assess where you need improvements and how to achieve them efficiently while reducing costs.
Businesses must be equipped with the right tools and tactics to have efficient data management and analysis within their organization. As a good start, the insights above are just some of the data management strategies you should adopt in 2023 to ensure an accurate and precise database to help you drive your business to success, protect sensitive details around your company, and preserve the brand reputation.